PETROLIMEX DONG NAI COMPANY LIMITED

PETROLIMEX DONG NAI COMPANY LIMITED (CÔNG TY XĂNG DẦU ĐỒNG NAI), tax code 3600247325, is a long-standing provincial subsidiary of the state-run Vietnam National Petroleum Group (PETROLIMEX). Established in July 2010 and headquartered at No. 104, KP 2, Ha Huy Giap Street, Quyet Thang Ward, Bien Hoa City, Dong Nai Province, the company operates more than a dozen fuel outlets and storage facilities across Dong Nai. It engages in wholesale and retail distribution of petroleum, liquefied gas, and associated logistics and warehousing services.

As of 2023, PETROLIMEX DONG NAI reported USD 146.8 million in revenue, marking a sharp 20.9 percent decline from the previous year. Despite this fall in top-line performance, the company more than doubled its profit to USD 597,094, reflecting a positive turnaround in operational efficiency. Total assets rose by nearly 27 percent to USD 7.33 million, while owner’s equity climbed to USD 2.68 million. However, working capital remained negative at USD -1.68 million, a key weakness that limits short-term financial flexibility.

The company’s consistent profitability despite sales volatility may be attributed to better cost control and a rebound in fuel margins. But the year-over-year sales drop of nearly 39 million USD raises concern, especially for due diligence professionals evaluating market stability. With only 200 employees and a modest equity base, PETROLIMEX DONG NAI is operationally lean but financially constrained, lacking the cushion that larger national players often enjoy.

Owned 100 percent by Vietnam National Petroleum Group, PETROLIMEX DONG NAI reflects both the operational rigor and the bureaucratic limits of a typical state-affiliated enterprise. The firm’s director, Mr. Pham V. N., leads an organization that must navigate fluctuating global fuel prices, regulatory constraints, and stiffening local competition.

In short, PETROLIMEX DONG NAI is a small but strategically relevant node in Vietnam’s petroleum retail system. It posts respectable profit margins and operates within the safety net of a powerful parent group, but it faces structural limitations, including thin capital, declining sales, and ongoing liquidity pressures. For risk managers, this is a company worth watching closely.